Private equity specialist ICG Enterprise Trust is showing solid returns and margin expansion, despite broader market challenges. In this interview, Hardman & Co analyst Mark Thomas outlines why the trust’s latest report, titled Mid-Teen Zipper EBITDA Growth and Long-Term Returns, suggests steady momentum across its portfolio. With 15% EBITDA growth, widening margins, and realisations already exceeding the previous year, investors may want to revisit assumptions about the private equity sector in today’s climate.

The discussion also highlights the impact of rising rates, realisation timing, and how secondary investments are improving NAV visibility. With second quarter performance significantly ahead of the first and a balanced capital return strategy in place, the trust appears well-positioned going forward.

ICG Enterprise Trust is a listed private equity investor focused on delivering long-term value by investing selectively in private companies, primarily across the US and Europe.